Cardano Ranks Second In Terms Of Money Inflow In Layer 1 Blockchains

Cardano sees over $2.3 billion in money inflow.

In a tweet moments ago, Cardano Daily, an account dedicated to sharing daily ADA news, disclosed that Cardano had been second only to Ethereum in network growth as the crypto markets rallied.

TOP MONEY FLOW IN LAYER 1 BLOCKCHAINS
 
In the last few days, the market has been hyped with the rise of Ethereum, leading the growth of all other layer 1 blockchains. Except for Ethereum, Cardano is the layer 1 that witnessed the largest growth!
 #cardano #money #flow #layer1 pic.twitter.com/Qwi0ieVbId

— Cardano Daily (@cardano_daily) October 27, 2022

The data showed that Cardano saw a market cap growth of about $2.3 billion, representing a 16% growth. Ethereum Classic and Avalanche were not far behind, with 14% and 13.4% growth, respectively.

Furthermore, as reported by The Crypto Basic today, Cardano led a recent LunarCrush ranking of 3,954 tokens in terms of social and market activity. It is worth noting that the network saw over half a billion social engagements in the past week.

Notably, tweets from Cardano founder Charles Hoskinson last Saturday caused a lot of excitement within the community. According to Hoskinson, “something special is coming in November.” So it will be unsurprising to see the juicy details disclosed at the Cardano Summit coming in mid-November. Till then, supporters of the network can only speculate with warranted excitement.

It bears mentioning that the network’s Total Value Locked (TVL) has also seen a boost. With the TVL at over $71 million, it represents a $3 million gain over the last two weeks since The Crypto Basic last reported on the figure. Notably, at least 6 of the top 10 decentralized apps (DApps) by TVL have seen low to mid-level double-digit percentage gains in the last seven days, with others posting more modest gains.

Miniswap continues its dominance with over $36.5 million locked, representing 51.41% of the total TVL on the network. It also represents a nearly $2 million increase over the last two weeks. 

Despite the challenging year that crypto assets have had in terms of valuation, Cardano has achieved some of its most significant developmental feats in recent months. For example, in September, the network’s long-anticipated Vasil hard fork upgrade went live. In addition, a recent demo from SundaeSwap indicates that Hydra, one of the critical elements of Cardano’s scalability plan, is nearing completion.

It is worth noting that the crypto markets enjoyed a relief rally on Tuesday that continued into most of Wednesday that saw prices surge after an extended period of consolidation and weakness. 

Cardano’s ADA is fighting to hold above the $0.4 price point. Recent gains have ensured it is up 13.84% in the last seven days, with a market capitalization of $13.84 billion, the 8th largest among crypto projects.

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